American economist says ‘U.S. stocks are in a historic bear market'

Core Viewpoint - U.S. stocks are in a historic bear market when measured against gold, despite nominal gains in stock indices [1][2][3] Group 1: Market Performance - The Dow Jones Industrial Average, when priced in gold, has declined over 24% in 2025, 33% since the end of 2023, and nearly 70% since 2000 [1][2] - The current stock market gains are viewed as an illusion created by inflation, which distorts the real performance of equities [2][3] Group 2: Gold's Role - Gold has reached new record highs near $3,800, reflecting a nearly 44% year-to-date gain, reinforcing its status as a safe-haven asset amid inflation [4] - Schiff argues that gold reveals the underlying weakness of U.S. stocks and cautions that ignoring gold may lead investors to overlook the depth of the ongoing market decline [5]